German online bank N26 to leave post-Brexit Britain


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German online bank N26 to leave post-Brexit Britain

On Tuesday, the 11th of February 2020, the German online lender N26, which had branded the UK market as a “no brainer” during its launch, had signalled a quicker exit from UK, remarking the first European lender to leave a Brexited Britain.

Aside from that, at its Tuesday’s (February 11th) announcement, the German online lender had also added that it had closed all of its UK accounts since its banking license would not be feasible any more to execute banking operation in the country following UK’s exit from the ‘bloc.’ Besides, the German lender was also quoted saying at its Tuesday’s (February 11th) statement that all of the accounts would be permanently closed by April 15th, while the online lender had also asked all of its customers to transfer funds in to alternate accounts before April 15th.

Apart from that, adding that the lender would no longer hold a banking license to remain operational in United Kingdom, the German lender N26, backed by the Hong Kong billionaire Li Ka-Shing alongside the Silicon Valley investor, Peter Thiel, said on Tuesday (February 11th), “With the UK having left the EU at the end of January, we will in due course no longer be able to operate in the UK with our European banking licence. Therefore, we will be leaving the UK and closing all accounts in the coming months. ”